November 16, 2005

WHO CAN HAVE BEEN SURPRISED OTHER THAN TIMES COLUMNISTS AND BILLIONAIRE INVESTORS?:

The Bubble Bursts: Only it's not the bubble you think . . . (Irwin M. Stelzer, 11/15/2005, Weekly Standard)

IT IS FINALLY HAPPENING--the much-predicted bursting of the bubble. Surprise: It is the gasoline price bubble that has burst, not the house price bubble. Prices of regular unleaded last week averaged about $2.34 per gallon, below the levels prevailing immediately before Katrina struck, and well below the $3.04 peak reached in early September. Crude prices also headed down from the $70 per barrel level to $57, a six-month low.

Anyone know if Paul Krugman ever managed to mention the real bubble before it burst?

Posted by Orrin Judd at November 16, 2005 12:36 PM
Comments

Cheapest gas here yesterday was $2.15 though most stations in Falls Church are 10-12 cents higher.
September highs were in the $3.40s.

Posted by: George B at November 16, 2005 2:16 PM

The top was in when the price gouging/windfall profits hearings began.

Posted by: Tom C., Stamford,Ct. at November 16, 2005 2:23 PM

Oil Prices Plummeting!

Posted by: erp at November 16, 2005 3:28 PM

$2.60 for 93 octane Shell in Cook County burbs today.

Posted by: Rick T. at November 16, 2005 3:29 PM

$2.23 for me today in DuPage County burbs. Go west young man!

Posted by: rds at November 16, 2005 3:32 PM

I don't read Krugman but I'm pretty sure he was focused on the dollar and housing bubbles during the few times he focused on his field of economics.

Posted by: JAB at November 16, 2005 3:56 PM

Krugman's just waiting for that Enron scandal that was going to be more important than Sept. 11 to kick in. Then he's going to show you, buster.

Posted by: John at November 16, 2005 4:09 PM

Rick - $2.43 for primo on Lake Street in Roselle...

Wacky Wed - 5c off of mid and primo...........

$2.48 still good.

Unfortunately, it's CITGO.

Posted by: Sandy P at November 16, 2005 4:30 PM

By the end of this week, I'll pay under $2.00 for regular unleaded at Stop & Shop, including a $0.20/gallon coupon from the grocery store.

Posted by: David Cohen at November 16, 2005 4:32 PM

I paid $2.11 last Saturday, and there was a place at $2.05 down the street. Haven't looked but it must be lower now.

Posted by: pj at November 16, 2005 4:38 PM

$1.98 today in the St. Louis area. It's dropped at least 10 cents in the past 5 days.

Posted by: MB at November 16, 2005 5:03 PM

$1.98 a gallon for unleaded regular in Cleveland, paid $0.78 a gallon after $1.20/gallon off through Giant-Eagle supermarket. Filled my Ford SUV to the max, and "hit the road again" to scare the tin-boxes off.

Posted by: sam at November 16, 2005 6:13 PM

Down around $2.20 here in Omaha last time I got gas, but Nebraska gas taxes are horrendous.

Posted by: Matt Murphy at November 16, 2005 10:57 PM
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